IRS: New York Lost Most Tax Paying Residents In 2013

IRS: New York Lost Most Tax Paying Residents In 2013
KERRY PICKET
Reporter
5:43 PM 09/01/2015

More taxpaying residents left New York than any other state in the nation, IRS migration data from 2013 shows. During that year, around 115,000 New Yorkers left the state and packed up $5.65 billion in adjusted gross income (AGI) as well.

Americans for Tax Reform (ATR) notes, “This new data shows that New York will remain America’s ‘Biggest Loser,’ having lost nearly 1.6 million taxpayers between 1985 and 2013. Those residents took with them more than $80.8 billion in annual AGI.”
“The phenomenal failure of New York to retain taxpayers and businesses is directly related to its uncompetitive tax and business climates. By some measures, New Yorkers face the greatest tax burden of any state in the nation.”

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Although Democrat Governor Andrew Cuomo acknowledged that New York is the “highest tax state in the nation” and it has “cost us dearly,” he continues to put forth policies that economically cripple New York residents and businesses.

Cuomo banned hydraulic fracturing in the state and struck a deal with General Electric that will force New York tax payers to subsidize General Electric.

ATR points out that New York’s personal income tax system is composed of eight tax brackets with a top rate of 8.82%.

Additionally, the corporate tax of 7.1% and property tax collections are $2435 per person.

New York lost most of its population in 2013 to Florida — 20,465 residents ($1.35 billion loss), New Jersey — 16,223 residents ($1.1 billion loss), Texas — 10,784 residents ($354 million loss), North Carolina — 9,070 residents ($294 million loss), California — 7,849 residents ($200 million loss).

Up until the Empire State recently put forth some tax reductions, ATR ranked New York as the nation that had the most burdensome state and local taxes.

Read more: http://dailycaller.com/2015/09/01/ir...#ixzz3kYNxL7AN

"Although Democrat Governor Andrew Cuomo acknowledged that New York is the “highest tax state in the nation” and it has “cost us dearly,” he continues to put forth policies that economically cripple New York residents and businesses."